CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (08/2024 Disciplinary Board) – (167/2023 Authority) and imposition of a fine against: Equipment Holding Company for violating the Rules of Disclosure and Transparency and Listing.

Announcement regarding issuance of Disciplinary Board Resolution No. (08/2024 Disciplinary Board) – (167/2023 Authority) and imposition of a fine against: Equipment Holding Company for violating the Rules of Disclosure and Transparency and Listing.

For the following reasons:

1) The provision of Item (2) of Article (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
It was proven to the CMA in a strict manner through reviewing the disclosure of Equipment Holding Company of updating its insiders watchlist, dated 7/12/2023, that one name was removed from the insiders watchlist as of 7/12/2023 due to his resignation. Moreover, through reviewing the Company’s previous disclosures on updating its insiders watchlist revealed the change in the insiders watchlist as of December 26, 2022, without the Company’s disclosure of this change within 5 business days from its occurrence, which violates the provision of Item (2) of Article (3-5-1) previously mentioned.

2) The provision of Item (1) of Article (1-16-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 their amendments:
It was proven to the CMA in a strict manner that Equipment Holding Company (to date) failed to submit to the CMA a copy of its periodical financial statements for the financial period ending on 30/9/2023 within forty-five days from the end date of period on which the periodical financial statements were prepared, which ended on 14/11/2023. 

The Resolution included the infliction of the following penalty: -

“Levying a fine on Equipment Holding Company in an amount of KWD 2000 (two thousand Dinars) for each of the two attributed violation.”

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these Laws in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.

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